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In a letter to shareholders, esports betting and media company Rivalry has outlined its 2021 performance and strategic priorities for the year ahead.
Notable figures from the memo include a 600 percent year-over-year increase in revenue, represented by $8.9m CAD (~£5.17m) as of the company’s most recent reported quarter in Q3 2021.
Image credit: Rivalry
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Rivalry’s betting handle also climbed to $66.1m CAD (~£38.40m) through October 2021. This is underpinned by the sportsbook’s reported 600,000 registered users, which is up from 350,000 at the end of 2020.
In November 2021, Rivalry forecasted its sports betting platform would launch in its home market of Ontario as well as Australia. The company’s shareholder memo has since confirmed Rivalry has been ‘conditionally granted’ a sports bookmaker license in Australia from the Northern Territory Racing Commission. Meanwhile, its application with the Alcohol and Gaming Commission of Ontario remains on ice at the time of writing.
“We grew up interfaced with the internet, and view gaming as the sport of the internet,” Rivalry CEO Steven Salz wrote in a shareholder letter. “I’m confident Rivalry as a company, and a collection of talented individuals understands better than any of our peers how to navigate and participate in this culture.”
“The growth and market leadership advantages we have created are a product of our disciplined execution on hundreds of large and small details that we deliver as a simple and cohesive user experience. This is how we are building brand equity with long-term sustainable value.”
RELATED: Rivalry Q3 2021 results outline record revenue and betting handle
Rivalry’s strategic focus for 2022 will consist of a geographic expansion of its sport betting product, as well as a deeper investment in content and media. The company has additionally revealed it will continue developing original casino games to complement its platform, joining the likes of its first proprietary title launched in August 2021, ‘Rushlane’.
Esports Insider says: Rivalry really seemed to find its rhythm over the course of the last year, acting purposefully in shaping its brand and gracefully managing a nebulous of owned content to engage esports fans. If 2021 is any indication of what’s ahead for Rivalry, this upcoming year will be one hell of a ride for the Canadian bookmaker.